What lies ahead for retail automotive compliance?
At the NADA Show 2024, Demetrios Lahiri had the opportunity to sit down with compliance experts James Ganther, Scott Clay, and Gil Van Over III to delve into the latest compliance trends shaping the automotive landscape. Here's a glimpse into the insightful discussions and key takeaways.
Regulatory Reboots
The conversation kicked off with a discussion on regulatory reboots, particularly focusing on the FTC's CARS Rule. Despite its current status on hold, dealerships are advised to stay vigilant and prepare for potential changes in advertising, training, and contractual practices. Scott Clay emphasized the Rule's intentions, aiming to provide a level playing field for dealers to market their offerings while mitigating issues caused by non-compliant practices among a few "bad apples" in the industry.
Tech Takes the Wheel
Another significant trend highlighted by the experts is the increasing role of technology in reshaping retail automotive compliance. The industry is experiencing rapid digitization, with traditional paper-based processes being phased out in favor of advanced digital systems. Gil Van Over pointed out that the presence of pen and paper in dealership operations often signals underlying compliance issues. Leveraging digital solutions not only enhances transparency and efficiency but also streamlines compliance efforts, ensuring adherence to regulatory requirements in an increasingly complex landscape.
Trends in Retail Automotive Compliance
As the automotive industry continues to evolve, staying abreast of these emerging compliance trends is paramount for dealerships striving to uphold ethical standards, foster consumer trust, and navigate regulatory complexities effectively. By embracing technological advancements and remaining proactive in anticipating regulatory changes, industry players can position themselves for success in an ever-changing marketplace.
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